Oosthuizen and Another v Standard Credit Corporation Ltd. (385/91)
Oosthuizen and Another v Standard Credit Corporation Ltd. (385/91) [1993] ZASCA 59; 1993 (3) SA 891 (AD); [1993] 4 All SA 591 (AD) (14 May 1993)
The Supreme Court of Appeal held that the lease agreements were subject to the Credit Agreements Act 75 of 1980, as the vehicles fell within the regulated categories and the agreements did not qualify for exemption under section 2(1)(a) or Regulation 4. The court found that the sole purpose of the agreements was not for leasing as contemplated by the Act, and that the respondent's lack of knowledge of the Sampson Beck scheme was irrelevant. The agreements contravened section 6(6) by exceeding the prescribed payment period, and such contravention rendered the agreements invalid, not merely cri…
Source excerpt
- Credit Agreements Act
- Illegality Of Contract
- Statutory Compliance
- Lease Agreements
- Regulatory Exemption